RevLifter bags £3 million in funding and steps up US push
The North East Development Capital Fund (NEDCF), supported by the European Regional Development Fund and managed by Maven Capital Partners and Gresham House Ventures, has completed a £3 million funding round for RevLifter.
The latter has developed an AI powered technology platform that enables brands to deliver e-commerce personalised deals and content. The transaction is split evenly between NEDCF and GHV.
RevLifter is used by retailers such as New Balance, Uniqlo, Staples, EE, and Lowe’s.
In 2020 the Maven VCTs and GHV co-led a £3.3 million Series A funding round for RevLifter to support the the business as it looked to capitalise on new growth opportunities driven by changing consumer behaviours as a result of the Covid-19 pandemic.
Since then, it has won a number of new clients, including AO and Boohoo. It now processes more than 185 million online baskets every month through its platform.
The funding announced today will enable London-based RevLifter to relocate part of its business to the Catalyst in Newcastle, home to the National Innovation Centre for Data.
The investment will also support the hiring of several new staff in the north east while driving its push into the US market.
Thomas Makey, Investment Director at Gresham House Ventures, says; “Since our initial investment in RevLifter in 2020, the business has gone from strength to strength and we are excited to make this additional investment to support the next phase of its regional and international growth.”
“RevLifter’s management team is well placed to bolster the business’ position in the rapidly evolving e-commerce sector and we look forward to continuing our successful partnership over the coming years.”
Simon Bird, CEO at RevLifter, comments: “We are very pleased to count on the continued support of both Maven and Gresham House to facilitate our move into the north east.”
“We are focused on helping some of the world’s biggest retailers unlock the billion-pound growth opportunity attached to personalised offers.”
“As we prepare to launch a range of cutting-edge tools in 2022, the extra funds will prove crucial to bringing these solutions out to the market through the hiring of new RevLifter talent in digital hubs like Newcastle.”
